Business
Commerce Bancshares, Inc. Reports Third Quarter Earnings Per Share Of $1.02
KANSAS CITY, Mo.--(BUSINESS WIRE)-- Commerce Bancshares, Inc. announced earnings of $1.02 per share for the three months ended September 30, 2022, compared
About this update from Commerce Bancshares, Inc.
[{"type":"text","content":" KANSAS CITY, Mo.--(BUSINESS WIRE)--\nCommerce Bancshares, Inc. announced earnings of $1.02 per share for the three months ended September 30, 2022, compared to $.99 per share in the same quarter last year and $.96 per share in the second quarter of 2022. Net income for the third quarter of 2022 amounted to $122.8 million, compared to $122.6 million in the third quarter of 2021 and $115.8 million in the prior quarter.\n\nFor the nine months ended September 30, 2022, earnings per share totaled $2.95, compared to $3.37 for the first nine months of 2021. Net income amounted to $356.8 million for the nine months ended September 30, 2022, compared to $415.9 million in the comparable period last year. For the current year to date, the return on average assets was 1.39%, and the return on average equity was 16.08%.\n\n“Our third quarter results reflect the strengths of our balance sheet and diverse operating model,” said John Kemper. “Our variable rate earning assets and resilient core deposit base contributed to an expanding net interest margin and drove record quarterly net interest income. Additionally, our fee-based businesses contributed nearly 36% of total revenue.”\n\n“In an increasingly uncertain economic environment, the bank remains well-positioned. Credit quality metrics and regulatory capital levels remain robust, and we are in a strong liquidity position to accommodate future loan growth.”\n\nThird Quarter 2022 Financial Highlights:\n\n\nNet interest income was $246.4 million, a $14.0 million increase over the prior quarter. The net interest margin increased 22 basis points to 3.01%.\n\n\n\nNon-interest income totaled $138.5 million, a decrease of $913 thousand compared to the prior quarter.\n\n\n\nNon-interest expense totaled $212.9 million, a decrease of $621 thousand compared to the prior quarter.\n\n\n\nAverage loan balances totaled $15.6 billion, an increase of $160.4 million, or 1.0%, over the prior quarter.\n\n\n\nTotal average available for sale debt securities decreased 5.8%, or $826.7 million, from the prior quarter to $13.5 billion, at fair value. Purchases of securities during the quarter totaled $53.8 million, with a weighted average yield of approximately 4.52%.\n\n\n\nAverage deposits declined $973.9 million, or 3.4% from the prior quarter. The average rate paid on interest bearing deposits was .21%.\n\n\n\n...